Bill > SB2273

This bill amends Tennessee Code Annotated, Title 66, which relates to real property, by adding a new provision to clarify what is *not* considered a "transfer fee covenant." Specifically, it states that any requirement in a document for a seller (transferor) or buyer (transferee) to pay a fee, charge, assessment, dues, contribution, deposit, or any other amount to acquire, maintain, or transfer a club membership that is connected to the real property or the surrounding community will not be classified as a transfer fee covenant. This clarification is important because transfer fee covenants, which are fees imposed on the resale of property, are often restricted or prohibited by law, and this bill ensures that fees related to club memberships tied to a property are treated differently.